Project Decision Analysis

[Kathy]

PMBOK Chapter 11 talks about using decision trees for project management and I noticed that you say that RiskyProject can convert my project schedules into a decision tree. How does it work?

[Intaver Support]

RiskyProject converts the project schedule into a decision tree. Each activity within the project schedule becomes a node of the decision tree. If an activity has more than one successor, you can define it as a decision node, end node, or event chance node of the decision tree. If the activity is defined as a decision node, this means that, by the end of this activity, a decision will be made on what course of action will be taken. For event nodes, you can define probabilities associated with each branch. 

To view a Decision Tree for this particular schedule, just launch DecisionPro using the Tools menu or click the DecisionPro toolbar button in RiskyProject. In DecisionPro, you can clearly see the preferable alternative based on cost or duration criteria.

[Kathy]

Are you saying that I need another software package to use decision trees in RiskyProject?

[Intaver Support]

You need to have DecisionPro from Vanguard Software Corporation (see www.vanguardsw.com). Intaver Institute is Vanguard reseller. You can purchase DecisionPro from Intaver Institute or directly from Vanguard.

In addition to decision tree analysis DecisionPro also includes Monte Carlo simulations, Markov chains, etc.

[Kathy]

Can I use RiskyProject Lite with DecisionPro to generate project decision tree?

[Intaver Support]

No,

Project decision analysis is supported by RiskyProject professional only.

[Kathy]

Thanks, I will download DecisionPro and will try it with RiskyProject Professional.

[Intaver Support]

One small comment.

If you want to generate decision tree based on project schedule, make sure that you have clearly defined project alternatives or scenarios. RiskyProject can convert any schedules to decision tree, however decision tree analysis make sense only if you want to select viable project alternative based on cost and duration criteria,

[Intaver Support]

Exporting schedule based decision trees has been discontinued with the release of version 7 in 2017.